MANILA, Philippines — More dollars flowed out of the Philippine economy than entered it in May as the government repaid some of its maturing loans from overseas, reversing the net inflows recorded during the same period last year, according to the central bank.
In a statement, the Bangko Sentral ng Pilipinas (BSP) said the country’s overall balance of payments position posted a deficit of $1.4 billion in May 2021, marking a reversal from the $2.43-billion surplus recorded in May 2020.
“The balance of payments deficit in May was mainly attributed to outflows arising from the foreign currency withdrawals of the national government from its deposits with the BSP as [it] settled its …
Keep on reading: More dollars flowed out of PH in May as gov’t repaid maturing foreign debt